Assetmark Inc. Boosts Stake in Republic Services, Inc. (NYSE:RSG)

Key Points

• Assetmark Inc. increased its holdings in Republic Services by 10.5% in the first quarter, owning 46,848 shares worth approximately $11.35 million.
• Republic Services has announced a dividend increase to $0.625 per share, up from $0.58, scheduled for payment on October 15th.
• The company's stock has a current market cap of $76.57 billion, with a recent price-to-earnings ratio of 36.95 and projections for 6.86 EPS for the current year.

Assetmark Inc. raised its position in Republic Services, Inc. (NYSE:RSG - Free Report) by 10.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,848 shares of the business services provider's stock after buying an additional 4,438 shares during the quarter. Assetmark Inc.'s holdings in Republic Services were worth $11,345,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in Republic Services by 10.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,317,804 shares of the business services provider's stock worth $1,069,836,000 after purchasing an additional 499,237 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Republic Services by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 4,565,137 shares of the business services provider's stock valued at $918,045,000 after buying an additional 57,616 shares during the last quarter. Norges Bank purchased a new position in shares of Republic Services during the fourth quarter valued at approximately $553,039,000. Northern Trust Corp boosted its position in Republic Services by 13.1% in the fourth quarter. Northern Trust Corp now owns 2,426,215 shares of the business services provider's stock worth $488,106,000 after purchasing an additional 280,542 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Republic Services by 39,024.4% during the 1st quarter. GAMMA Investing LLC now owns 2,226,177 shares of the business services provider's stock valued at $539,091,000 after purchasing an additional 2,220,487 shares during the period. 57.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on RSG. Royal Bank Of Canada restated an "outperform" rating and issued a $266.00 target price on shares of Republic Services in a research note on Friday, April 25th. BMO Capital Markets reiterated an "outperform" rating and issued a $280.00 price objective (up from $268.00) on shares of Republic Services in a report on Monday, June 9th. JPMorgan Chase & Co. upped their price objective on Republic Services from $229.00 to $275.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. UBS Group increased their target price on Republic Services from $250.00 to $260.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Melius Research upgraded Republic Services to a "hold" rating and set a $281.00 target price for the company in a report on Monday, June 9th. Ten investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $258.68.

Republic Services Price Performance

NYSE:RSG traded down $10.82 on Wednesday, reaching $235.20. 904,240 shares of the company's stock traded hands, compared to its average volume of 1,279,336. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.10. The stock has a 50-day simple moving average of $247.06 and a 200-day simple moving average of $238.10. The firm has a market cap of $73.50 billion, a PE ratio of 35.40, a P/E/G ratio of 3.67 and a beta of 0.61. Republic Services, Inc. has a 12 month low of $192.64 and a 12 month high of $258.75.

Republic Services (NYSE:RSG - Get Free Report) last issued its earnings results on Tuesday, July 29th. The business services provider reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.02. Republic Services had a return on equity of 18.28% and a net margin of 12.88%. The firm had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $4.26 billion. During the same period in the previous year, the firm posted $1.61 earnings per share. The business's revenue was up 4.6% compared to the same quarter last year. Equities research analysts forecast that Republic Services, Inc. will post 6.86 earnings per share for the current year.

Republic Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, October 2nd will be paid a $0.625 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $2.50 annualized dividend and a yield of 1.06%. This is a boost from Republic Services's previous quarterly dividend of $0.58. Republic Services's dividend payout ratio is 34.99%.

About Republic Services

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.